WhatsApp UPI transactions slide after withdrawal of cashbacks

Meta-owned messaging app WhatsApp witnessed a sharp slide in the volume of Unified Payments Interface (UPI) transactions in July as limited-period cashbacks for users were withdrawn.

The number of UPI transactions on WhatsApp dropped to 6.18 million in July from 23.04 million in June, when the cashbacks had been introduced. However, the value of UPI transactions on the app grew to Rs 502 crore in July from Rs 429.06 crore in the previous month, according to data released by the National Payments Corporation of India (NPCI). Also, the volume of transactions on WhatsApp in July held above the May level of 3.5 million.